Financials AAC Technologies Holdings Inc. Deutsche Boerse AG

Equities

A2XN

KYG2953R1149

Electronic Equipment & Parts

Market Closed - Deutsche Boerse AG Other stock markets 07:02:51 19/06/2024 BST			5-day change	1st Jan Change
3.74 ^EUR	-1.06%		+6.25%	+48.41%

03-22	Jefferies Adjusts AAC Technologies Holdings’ Price Target to HK$28.00 From HK$17.77, Keeps at Buy	MT
03-21	Transcript : AAC Technologies Holdings Inc., 2023 Earnings Call, Mar 21, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	73,440	44,144	30,329	18,924	25,272	36,045	-	-
Enterprise Value (EV) ¹	76,746	45,007	34,083	21,416	27,257	36,726	34,004	35,184
P/E ratio	33 x	29.2 x	23 x	23.9 x	35.1 x	24.4 x	19.2 x	16.3 x
Yield	0.6%	0.69%	0.65%	0.76%	0.47%	0.65%	0.85%	1.2%
Capitalization / Revenue	4.11 x	2.58 x	1.72 x	0.92 x	1.24 x	1.4 x	1.25 x	1.14 x
EV / Revenue	4.29 x	2.63 x	1.93 x	1.04 x	1.33 x	1.42 x	1.18 x	1.12 x
EV / EBITDA	16.9 x	11.8 x	8.07 x	5.7 x	6.52 x	8.14 x	6.81 x	6.78 x
EV / FCF	74.4 x	-68.5 x	-29.7 x	8.19 x	8.34 x	18.7 x	11.3 x	12.9 x
FCF Yield	1.34%	-1.46%	-3.36%	12.2%	12%	5.35%	8.82%	7.76%
Price to Book	3.8 x	2.09 x	1.39 x	0.87 x	1.15 x	1.52 x	1.41 x	1.34 x
Nbr of stocks (in thousands)	1,208,500	1,208,500	1,208,500	1,201,045	1,198,500	1,198,500	-	-
Reference price ²	60.77	36.53	25.10	15.76	21.09	30.07	30.07	30.07
Announcement Date	25/03/20	25/03/21	23/03/22	23/03/23	21/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,884	17,140	17,667	20,625	20,419	25,835	28,731	31,511
EBITDA ¹	4,534	3,827	4,224	3,760	4,183	4,511	4,992	5,189
EBIT ¹	2,472	1,350	1,483	745.4	457.1	1,662	2,126	2,430
Operating Margin	13.82%	7.88%	8.39%	3.61%	2.24%	6.43%	7.4%	7.71%
Earnings before Tax (EBT) ¹	2,552	1,648	1,413	860.7	822.9	1,676	2,123	2,473
Net income ¹	2,222	1,507	1,316	821	740	1,466	1,861	2,191
Net margin	12.43%	8.79%	7.45%	3.98%	3.62%	5.67%	6.48%	6.95%
EPS ²	1.840	1.250	1.090	0.6600	0.6000	1.234	1.564	1.841
Free Cash Flow ¹	1,031	-656.6	-1,146	2,614	3,269	1,964	3,000	2,732
FCF margin	5.76%	-3.83%	-6.49%	12.67%	16.01%	7.6%	10.44%	8.67%
FCF Conversion (EBITDA)	22.74%	-	-	69.51%	78.14%	43.55%	60.09%	52.65%
FCF Conversion (Net income)	46.39%	-	-	318.36%	441.71%	134.02%	161.21%	124.67%
Dividend per Share ²	0.3668	0.2528	0.1629	0.1200	0.1000	0.1954	0.2561	0.3608
Announcement Date	25/03/20	25/03/21	23/03/22	23/03/23	21/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q2	2023 S1	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2	2026 S1
Net sales ¹	10,316	4,246	4,812	4,896	4,520	5,373	5,840	-	9,219	-	11,200	5,291	5,732	11,404	7,006	7,272	14,810	5,962	13,261	16,798	13,362
EBITDA	-	814.4	898.1	873.5	790.1	881.9	-	-	-	-	2,324	-	-	2,054	-	-	2,441	-	-	-	-
EBIT ¹	1,630	239.4	261.3	239.3	155.9	247.7	102.5	-	-29.25	-	486.4	152	238	547.4	627	696	1,113	308	691.5	1,458	634
Operating Margin	15.8%	5.64%	5.43%	4.89%	3.45%	4.61%	1.76%	-	-0.32%	-	4.34%	2.87%	4.15%	4.8%	8.95%	9.57%	7.51%	5.17%	5.21%	8.68%	4.74%
Earnings before Tax (EBT) ¹	1,665	182.9	248.3	247.7	176.8	271.1	165.1	-	174.8	-	648	192	278	553.8	667	736	1,095	348	616.5	1,580	-
Net income ¹	1,453	183	212	205.3	145	234	237	-	150.3	-	590	167	241	521.8	581	640	957.7	303	597.7	1,288	705
Net margin	14.08%	4.31%	4.41%	4.19%	3.21%	4.36%	4.06%	-	1.63%	-	5.27%	3.16%	4.2%	4.58%	8.29%	8.8%	6.47%	5.08%	4.51%	7.67%	5.28%
EPS ²	1.200	0.1500	0.1800	0.1700	0.1200	0.2000	0.1700	-	0.1100	-	0.4900	0.1400	0.2100	0.4350	0.4900	0.5500	0.8083	0.2600	0.5450	1.083	0.5900
Dividend per Share	-	-	-	-	-	-	-	-	-	0.1000	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	25/03/20	11/11/21	23/03/22	12/05/22	24/08/22	10/11/22	23/03/23	24/08/23	24/08/23	21/03/24	21/03/24	-	-	-	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,306	863	3,754	2,493	1,985	681	-	-
Net Cash position ¹	-	-	-	-	-	-	2,041	861
Leverage (Debt/EBITDA)	0.7292 x	0.2255 x	0.8888 x	0.6629 x	0.4746 x	0.1511 x	-	-
Free Cash Flow ¹	1,031	-657	-1,146	2,614	3,269	1,964	3,000	2,732
ROE (net income / shareholders' equity)	11.6%	5.97%	6.13%	3.78%	3.4%	6.53%	7.63%	8.3%
ROA (Net income/ Total Assets)	6.94%	4.12%	3.25%	1.99%	1.87%	3.56%	4.22%	4.64%
Assets ¹	32,038	36,559	40,467	41,167	39,608	41,149	44,047	47,209
Book Value Per Share ²	16.00	17.50	18.00	18.00	18.30	19.80	21.30	22.40
Cash Flow per Share ²	3.180	2.970	1.820	3.640	3.920	2.820	3.510	3.830
Capex ¹	2,813	4,249	3,342	1,758	1,364	1,672	1,732	1,903
Capex / Sales	15.73%	24.79%	18.92%	8.53%	6.68%	6.47%	6.03%	6.04%
Announcement Date	25/03/20	25/03/21	23/03/22	23/03/23	21/03/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for AAC Technologies Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

30.07 CNY

Average target price

25.4 CNY

Spread / Average Target

-15.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

	1st Jan change	Capi.
AMPHENOL CORPORATION	+40.68%	83.76B
MURATA MANUFACTURING CO., LTD	+10.89%	39.38B
LUXSHARE PRECISION INDUSTRY CO., LTD.	+10.51%	37.59B
JABIL INC.	-0.92%	15.22B
LENS TECHNOLOGY CO., LTD.	+30.38%	11.75B
BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED	+9.29%	11.47B
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	-3.33%	11.37B
EOPTOLINK TECHNOLOGY INC., LTD.	+133.03%	11.27B
COHERENT CORP.	+68.69%	11.2B

Electronic Component